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8. It is agreed that the City has the right, privilege and authority as a condition <br />precedent to the approval of the plans and specifications and approval of Final Plat, to prescribe <br />design requirements for any Improvements within the Plat. <br />Recording <br />9. The Developer shall, within a reasonable time frame, record the Plat with Ramsey <br />County. <br />10. The Developer shall record the Development Contract with Ramsey County <br />subsequent to the recording of the Plat and shall forward confirmation of the recording of the <br />document to the City. In the event that technical or clerical revisions are needed in the document <br />or if for any reason the County Recorder deems the Development Contract unrecordable, the <br />Developer shall cooperate with the City in the execution or amendment of any revised <br />Development Contract. <br />Finance <br />11. In consideration of City's financial contribution, Developer shall pay to the City <br />the sum of $100,000.00 for each lot ( "Release Price "). This amount shall be paid at the time the <br />Developer applies for a building permit to begin construction on a respective lot. In addition to <br />payment of the Release Price, Developer shall also pay interest at the rate of 3.75% due on the <br />original principal of any assessment levied by the City pursuant to Project No. 13 -08. Interest <br />shall begin to accrue upon adoption of the Resolution levying said assessment. Said assessments <br />shall be levied over a three year period with payments made with property taxes in years 2014 <br />through 2016. <br />The City shall grant the Developer the following credits against the Release Price: <br />1) Original principal amount of the assessment levied pursuant to Project No. 13 -08; <br />g3- <br />